Quote from Austin:
this was T3Live commentary at 9:32amEST before market opens:
"After the close yesterday Intel reported stellar earnings after a loss in the previous quarter, with revenue surging 34%. The market had earlier extended its winning streak to 6 straight days, and if they were looking for an excuse to sell the market, Intel didn't give it to them. In after hours trading stocks traded higher, but this morning the market is getting hit slightly. After more than a week of climbing (more than 90 handles in the S&P) it would be healthy to see at least a modest pull-back. For traders, that action would be constructive and would provide a better place to enter through the rest of earnings season. One potent up move usually leads to another eventually, so while we may be short term bearish this morning, a significant pullback certainly doesn't HAVE to happen. Don't be stubborn in either direction, and watch the price action in select stocks and stay tuned to the Virtual Trading Floor as most set-ups will develop intraday."
this was T3Live commentary at 4:52pmEST after market closes:
"Intel boosted the markets with a stellar report after the close yesterday, but by the morning much of that optimism had worn off after a 6-day win streak in the indices. When we came in today, we said it's not a day to be stubborn or biased heavy in either direction. We leaned short, cost averaged as the market drifted higher and then took profits at the lower end of the range as the trade worked out. Today's action was in keeping with our mantra of "trade the range"."
just an example. they have been pretty good for a while.